Dogecoin Leads Major Cryptos in Profit-Taking Slide as Inflows Bolster Bitcoin
24.04.2025 12:24
Major cryptocurrencies saw significant declines on Thursday as traders locked in profits following earlier gains this week. Dogecoin led the losses among key digital assets, falling above 2%, while Bitcoin managed to hold near the $93,000 level. Ethereum experienced a modest drop of 1.5%, and other tokens like Ripple (XRP), Solana (SOL), and Binance Coin (BNB) also registered losses exceeding 2%, contributing to an overall market capitalization decline of 2.5%. Concurrently, U.S. spot Bitcoin ETFs attracted over $916 million in inflows, highlighting Bitcoin's emerging role as a safe-haven asset amid a weaker U.S. dollar index and ongoing market uncertainties. Despite these profit-taking moves, institutional interest driven by Bitcoin's reduced correlation with equities and its defensive positioning continues to provide support. Mixed signals from influential political figures and ongoing trade and tariff concerns have further complicated the market outlook, leaving traders cautious as they await sustained macro catalysts to drive renewed momentum.
Dogecoin, leading the sell-off, is experiencing a significant short-term bearish impact as traders capitalize on earlier gains. The profit-taking trend presents immediate volatility, though recovery may occur if market sentiment stabilizes.
Bitcoin's price is experiencing a slight dip due to profit-taking, despite maintaining support near $93,000. However, strong ETF inflows and growing institutional adoption reinforce its long-term potential as a safe-haven asset, suggesting positive underlying fundamentals for future growth.
Ethereum's 1.5% slump signals moderate short-term bearishness amid overall market profit-taking. Its relative resilience suggests that while it may face immediate pressure, longer-term fundamentals could support stabilization and regrowth.
XRP has declined by more than 2% as part of the broad-based sell-off driven by profit-taking. The short-term outlook remains bearish without any announced catalysts to reverse the trend, keeping pressure on its price.
Solana is reflecting the market-wide profit-taking sentiment with losses over 2%, leading to short-term bearish conditions. Without new positive developments, its price may continue to be volatile in the near term.
Binance Coin is also seeing declines above 2%, aligned with profit-taking activities across major tokens. Although immediate sentiment is negative, any improvement in broader market conditions could help restore confidence over time.
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